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Journalize the adjusting entry on december

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Reference no: EM132472224

Problem - On June 1, James Company paid $7,500 for one year of advertising in advance. On June 1, James Company debited Advertising Expense, which is an alternate way of recording the initial expenditure. Assume that the advertising is used evenly throughout the year.

Required - Journalize the adjusting entry on December 31.

Reference no: EM132472224

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